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Firms perceive themselves to be more ethical than the competition

EVERY second manager in Slovakia admits a loss of a business opportunity as a consequence of an unethical approach of competitors. Despite this the opinion that ethical behaviour is a competitive advantage in the long term prevails. This indicated that the Slovak business community realises its task when creating a fairer environment. This are one of the findings of a survey conducted by the Slovak Compliance Centre (SCC) in 2014.

The SCC, which has evolved as a response to the sentiment in the Slovak business field with respect to the level of ethical conduct generally applied and accepted in the Slovak business market, focused in the survey on mapping the status of perception of business ethics in Slovakia. Over one hundred Slovak companies of various size and business focus participated in the survey. SCC published the results of the survey earlier in August.

“The key message is that the Slovak business community realises the gravity of the level of ethical standards generally accepted and applied by the Slovak business community and the impact thereof on their businesses,” the Slovak Compliance Centre wrote in its report.

“The companies seem to be quite sceptical of the conduct of other market players while expressing relative confidence in ethical conduct inside their own organisations,” SCC wrote. “Although many of them report experiences with losing business due to unethical behaviour of competitors, the respondents sent a very clear message that adherence to ethical principles while doing business is the right long-term strategy for development of their business.”